The operators for one of the happiest and well-known place on earth, Oriental land Co., recently announced a massive overhauling and major expansion for its Tokyo Disney Resort theme park. The massive plans were unveiled earlier today, boosting the company’s stock in return.
What is Oriental Land Co.?
The Japanese leisure and tourism corporation has been serving and innovating for a whopping 57 years and have been well versed in creating luxurious hotels and theme parks, the most notable is the Tokyo Disney Resort. Other notable businesses that they handle are as follows; Tokyo Disneyland Hotel, Tokyo Disney Sea Hotel Mira Costa, Disney Ambassador Hotel, Tokyo Disney Celebration Hotel, and the list go on.
The Company’s shares rose moments after the expansion plan was announced early Thursday morning; reports revealed that eh company’s shares jumped by a total of 4% on the Tokyo Stock Exchange through the announced expansion.
Oriental Land Co. is looking to renovate and redevelop the theme park with an outgoing theme of Disney’s hit movie “Frozen”. The company announced that they are looking to invest a gargantuan amount of 300 billion yen or a massive $2.7 billion for refurbishing the whole theme park and attracting new potential park goers.
The whopping $2.7 billion investment that Oriental Land Co. allotted almost pairs their previous magnanimous spending which was tallied to be at 340 billion yen for the development and building of the famous Tokyo Disney Sea last 2001.
According to the reports, the company is looking to expand the existing 100 hectares by a total of 30% and will eventually add more attractions just like the famous “Pirates of Caribbean” and “Splash Mountain” which attracts a massive number of visitors, which were tallied to at 30 million. These new attractions are looking to be introduced by 2023.
The company has been already in communication with Walt Disney Co. on the development plans; according to reports, despite the additional attractions, the expansion is mainly centered to answer the growing problem with congestions as visitors flock the theme park whole year round.
The major developments are expected to commence and start by April of 2021, but the specifics of the development and plans are still yet to be laid out. Currently, Tokyo Disney Land was crowned to be the most visited theme park in the whole Asia-Pacific region last 2016 with a massive attendance of 16.54 million, this is according to Themed Entertainment Association industry group.
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